Accountants Act 1967 (Act 94) And Rules & Audit Act 1957 (Act 62)

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Accountants Act 1967 (Act 94)

and
Rules & Audit Act 1957 (Act 62)
As of 15.7.2013

 

Detailed contents of Accountants Act 1967 (Act 94) And Rules & Audit Act 1957 (Act 62) :

In Malaysia, the accounting industry and audit services are governed by two significant pieces of legislation: the Accountants Act 1967 (Act 94) and the Rules & Audit Act 1957 (Act 62).

Accountants Act 1967 (Act 94):
The Malaysian Institute of Accountants (MIA) is designated by the Act as the country's exclusive regulatory body for the accounting industry. The MIA is in charge of policing accountants' professional conduct, fostering the growth of the profession, and upholding the MIA's codes of ethics and conduct.

Only licenced accountants are permitted to offer accounting services in Malaysia, according to the Accountants Act of 1967. A person must pass the MIA's professional examinations and satisfy certain educational and experience requirements in order to become a registered accountant. Once registered, accountants are bound by the MIA's rules and regulations, which cover things like moral and ethical guidelines, demands for ongoing professional development, and sanctions for breaking the rules.

Rules & Audit Act 1957 (Act 62):
The Malaysian Parliament passed the Rules & Audit Act 1957 (Act 62), which governs the provision of audit services. The Audit Oversight Board (AOB) is created by the Act to serve as Malaysia's regulatory authority for audit services. The AOB is in charge of regulating the audit industry, advancing audit quality, and enforcing adherence to ethical and professional norms.

All audit companies in Malaysia are required by the Rules & Audit Act of 1957 to register with the AOB, and all auditors must hold an AOB licence. Auditors must pass the AOB's professional exams and satisfy certain educational and work experience requirements in order to obtain a licence. The AOB's rules and regulations, which include auditing standards and codes of conduct, criteria for continuous professional development, and sanctions for non-compliance, are applicable to auditors and audit firms after they have been granted licences.

In conclusion, two significant parts of Malaysian law that govern the accounting industry and audit services are the Accountants Act 1967 and the Rules & Audit Act 1957. The Malaysian Institute of Accountants and the Audit Oversight Board are established under these Acts as the governing authorities for their respective professions, and they also set a framework for assuring the calibre and reliability of accounting and audit services in Malaysia.

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ISBN: 74103086
 
 

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